Roderick and Ashely Garin, a married couple who will file jointly, are both full-time teachers. In 2022, Roderick had receipts totaling $374 in qualifying expenses for his classroom. Ashley had qualifying receipts totaling $214. What is the maximum amount of the educator expense deduction they are able to claim on their joint return? $500 $514 $588 $600

Roderick and Ashely Garin, a married couple who will file jointly, are both full-time teachers. In 2022, Roderick had receipts totaling $374 in qualifying expenses for his classroom. Ashley had qualifying receipts totaling $214. What is the maximum amount of the educator expense deduction they are able to claim on their joint return? $500 $514 $588 $600

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Ali and Alex Arnaud are married with no dependent children. Ali worked for Smart Tech Corporation January through March and for Computer Associates the remainder of the year. Alex completed a degree in November and immediately began as an associate with Smith and Weber. They report the following information for 2022. Use Individual Tax Rate Schedules and Standard Deduction Table.Alis salary from Smart Tech$ 32,000Alis salary from Computer Associates 142, 000Alex's salary from Smith and Weber15, 550 Interest from savings account700ltemized deductions9, 000Dividends eligible for 15% rate2, 200 Required:Compute AGI.Compute taxable income.Compute net tax liability (after credits).
Sherina Smith (Social Security number 785-23-9873) lives at 536 West Lapham Street, Milwaukee, WI 53204, and is self-employed for 2020. She estimates her required annual estimated income tax payment for 2020 to be $8,468. She was required to pay $254 when she timely filed her prior year tax return. Complete the first quarter voucher below for Sherina for 2020. Form1040-ESDepartment of the TreasuryInternal Revenue Service 2020 Estimated Tax Payment Voucher 1 OMB No. 1545-0074 File only if you are making a payment of estimated tax by check or money order. Mail this voucher with your check or money order payable to “United States Treasury.” Write your social security number and “2020 Form 1040-ES” on your check or money order. Do not send cash. Enclose, but do not staple or attach, your payment with this voucher. Calendar year—Due April 15, 2020 Amount of estimated tax you are paying by check or money order. Dollars Cents fill in the blank 1
• Cynthia is an electrician, age 29, and single. • Cynthia has investment income and has a consolidated broker’s statement.• Cynthia began a cleaning service business in 2020. She was paid on Form 1099-NEC for 2021. She also received additional cash receipts of $400 not reported on the Form 1099-NEC. • Cynthia uses the cash method of accounting. She uses business code 561720.• Cynthia has receipts for the following expenses:- $350 for cleaning supplies- $225 for business cards - $450 for a mop, broom, and vacuum cleaner - $150 for work gloves - $125 for lunches - $175 for work clothes suitable for everyday use • Cynthia has a detailed mileage log reporting for 2021:- Mileage from her home to her first client’s home and mileage from her last client’s home to her home – 750 miles- In addition, on the days Cynthia worked for multiple clients, she kept track of the mileage from the first client’s home to the second client’s home in case that mileage was also deductible. She logged 450…
Professor Terrence, from the English department at BMCC, incurred $350 dollars in educational expenses during 2019. He purchased supplies that were used by his students during the academic year. Please advice Prof. Terrence if his educational expenses qualifies as a deduction for Adjusted Gross Income (AGI) ? Guiding Hints/Questions: who qualifies for educational expenses deductions? - what is the limitations, if any?
Tammy teaches elementary school history for the Metro School District. In 2020 she has incurred the following expenses associated with her job: Noncredit correspondence course on history $900 Teaching cases for classroom use $1,800 Tammy’s employer does not provide any funding for the correspondence course or teaching cases. Identify the amount and type (for AGI or from AGI) of deductible expenses.
Leslie and Jason, who are married filing jointly, paid the following expenses during 2022: Interest on a car loan $ 130 Interest on lending institution loan (used to purchase municipal bonds) 3,150 Interest on home mortgage (home mortgage principal is less than $750,000) 2,210 Required: What is the maximum amount that they can use in calculating itemized deductions for 2022?
1. David and Rochelle file a join return. Rochelle earned $28,500 during the year while pursued a degree in education full time for nine months of year and earned no income. They paid $4,500 for the care of their 2-year child, Craig. Calculate the required taxable amount for 2020 assuming the taxpayers had no income other than the stated amounts.
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Clark and his wife, Lois, have both been working full-time jobs as teachers, one making $34720 and the other $44800. They have been debating about whether they should file jointly or separately. Calculate their total federal income tax if they file jointly. Do not consider deductions or exemptions. $ Calculate their total federal income tax if they file separately. Do not consider deductions or exemptions.
For 2021, Eugene and Linda had adjusted gross income of $30,000. Additional information for 2021 is as follows. Cash contribution to church $1,300 Tuition paid to a parochial school $1,200 Cash contribution to a qualified charity $400 Cash contribution to a needy family $100 What is the maximum amount they can deduct for charitable contributions in 2021? a.$1,700 b.$2,000 c.$1,600 d.$500 e.None of these choices are correct.
Here is another question: – Bart and Elizabeth Forrest are married and have no dependents. They have asked you to advise them whether they should file jointly or separately in 2018. They present you with the following information: Bart Elizabeth Joint Salary $38,000 Business net income $110,000 Interest income $400 $1,200 $2,200 Deductions for AGI $2,400 $14,000 Medical Expenses $10,427 $3,358 State income tax $900 $1,800 Real Estate tax $3,800 Mortgage Interest $4,200 Unreimbursed employee expenses $1,200 If they file separately, Bart and Elizabeth will split the real estate tax and mortgage interest deductions equally. Write Bart and Elizabeth a letter in which you make and explain a recommendation on filing status for 2018. Bart and Elizabeth reside at 2003 highland Drive, Durham, NC 27707.